$500.00
Issuer: Government of the Republic of China
Authorized by: Presidential Order of 22 April 1913
Reference: Kuhlmann Nos. 300 – 307
The Reorganisation Gold Loan of 1913 was issued under the authority of a Presidential Order dated 22 April 1913, officially communicated by the Wai Chiao Pu (Ministry of Foreign Affairs) to the ministers in Peking representing Great Britain, Germany, France, Russia, and Japan.
This was one of the most significant foreign-funded loans of the early Republican era, initiated by President Yuan Shih-Kai to stabilize the new government following the fall of the Qing dynasty. Yuan initially approached Britain, France, Germany, and the United States to secure large-scale financial support. Eventually, Japan and Russia joined the syndicate after the United States withdrew, leaving five powers to form the final consortium.
The total capital sum of the loan was £25,000,000, divided among several major European and Asian financial institutions.
The participating banks and their respective allocations were:
The Hongkong and Shanghai Banking Corporation (HSBC) – £7,416,680
Banque de l’Indo-Chine (BIC) – £7,416,680
Deutsch-Asiatische Bank (DAB) – £6,000,000
Russian-Asiatic Bank (RAB) – £2,777,780
RAB Belgium – £1,388,880
The Yokohama Specie Bank represented Japan’s participation but did not issue its own bonds. Instead, convertibility into Japanese Yen was provided through the bonds issued by the other four institutions.
Each bank received a 6% commission for handling the loan and issued bearer bonds in multiple denominations and currencies, including pounds sterling, French francs, marks, and Russian rubles.
| Denomination | Issuing Bank | No. Issued | Serial Nos. | Reference |
|---|---|---|---|---|
| £20 | Hongkong & Shanghai Banking Corp. | 95,834 | 1–95,834 | 1913/5REORG/£20/HSBC – Kuhlmann 300 |
| £100 | Hongkong & Shanghai Banking Corp. | 55,000 | 795,001–850,000 | 1913/5REORG/£100/HSBC – Kuhlmann 301 |
| Fr505 | Banque de l’Indo-Chine | 370,833 | 215,835–586,667 | 1913/5REORG/Fr505/BIC – Kuhlmann 302 |
| M409 | Deutsch-Asiatische Bank | 120,000 | 95,835–215,834 | 1913/5REORG/M409/DAB – Kuhlmann 303 |
| M2,045 | Deutsch-Asiatische Bank | 36,000 | 850,001–886,000 | 1913/5REORG/M2045/DAB – Kuhlmann 304 |
| Rbl189.40 Brown | Russian-Asiatic Bank | 138,889 | 586,668–725,556 | 1913/5REORG/Rbl189/RAB – Kuhlmann 305 |
| Rbl189.40 Green | Russian-Asiatic Bank | 138,889 | 586,668–725,556 | 1913/5REORG/Rbl189/RAB – Kuhlmann 306 |
| Rbl189.40 Belgian | Russian-Asiatic Bank (Belgium Issue) | 69,444 | 725,557–795,000 | 1913/5REORG/Rbl189/RAB – Kuhlmann 307 |
Interest Rate: 5% per annum
Coupon Dates: Semiannual (April and October)
Printer: Waterlow & Sons, London Wall, London
Bond Size: 45 × 33 cm
The loan was intended to reorganize the national finances of the new Republic of China and to strengthen central government control after the revolution of 1911. Funds were applied toward:
Consolidation and repayment of earlier provincial and imperial debts
Restoration of fiscal stability and modernization of the treasury system
Support of infrastructure and administrative reforms
The loan was secured by national revenues, including the Chinese Maritime Customs, which were partially managed by foreign staff under existing loan agreements, ensuring reliability of collection and repayment.
The Reorganisation Loan became highly controversial in Chinese political history. Many viewed it as a surrender of sovereignty to foreign financial powers, while others regarded it as essential to the survival of the early Republic. Protests against the loan were one of the factors that led to political unrest and the eventual fall of Yuan Shih-Kai’s presidency.
Coupon payments continued through the 1910s but were later suspended as China’s political instability deepened through the Warlord Era and subsequent conflicts.
The 1913 Reorganisation Gold Loan bonds are visually striking, featuring bilingual text in English, Chinese, and French, printed by Waterlow & Sons with elaborate engravings and symbolic vignettes representing China’s modernization and its partnership with global finance.
The issue’s multi-currency structure (Sterling, Franc, Mark, Ruble) makes it one of the most complex and internationally distributed Chinese loans ever printed. Bonds differ by bank, color scheme, and denomination, creating a wide range of collectible variants across Kuhlmann Nos. 300–307.
